Your Money, Your Wealth

Markets are at all-time highs despite recent events. In episode 49 of the YMYW podcast, Joe and Al share smart investment strategies you can learn from past performance and give advice for investing in a bull market versus a bear market. Original publish date July 23, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 10 Steps to Improve Investing Success - free download 00:00 - Intro 02:33 - "If you're invested in the stock market today, the question is: now what? Should you keep your money in the market? If you've been sitting on the sidelines sitting in cash, is it a good time to jump in?" 03:23 - "Trying to time the market is a fool's game, not to mention pretty dangerous." 05:36 - "By being fully invested when you need to be fully invested – that's the appropriate way to do it. Get invested properly and stay invested." 09:02 - "Because the stock market is volatile and you can lose money, over the long term you make a lot more money and that's the premium that you have to pay to make that extra return." 16:42 "Most of you have assets inside your 401(k) plans, IRAs, 403(b)s – that's where a bulk of your retirement assets are. Guess what? There's a tax risk there because every dollar that comes out of that plan is taxed at ordinary income rates." 21:59 "Donald Trump would like to change our tax structure with four brackets, starting at 0% and the highest bracket being 25%...the highest bracket right now is 39.6%." 27:21 "When's the last time you fully reviewed your portfolio? Are you having conversations about Social Security, taxes and Medicare?" 31:32 "No one knows when these asset classes are going to perform so you want to have some of each. People chase near term performance all the time…that's not a good formula."

Your generosity can pay off in more ways than one: when you give a charitable gift, the IRS will forgive a tax. In episode 48 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA share how to make tax-smart charitable donations. Original publish date July 16, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 – Intro 02:47 – "Here's what does create a tax deduction for volunteering: your mileage to and from some type of charitable event you go to…supplies you purchase directly for charity, and there are some fundraising expenses that will qualify for tax deductions. A lot of people miss those deductions. Those deductions reduce your taxable income which ultimately reduces the amount of taxes you pay." 04:36 – "If you're spending money for charitable purposes or for a specific charity, then those expenses may be tax-deductible." 07:00 – "Give appreciated stock directly to charity because the tax deduction you get is the current value of the stock on the day you donated, and you don't have to pay tax on the gain." 12:04 – "If you can get a little more sophisticated in your tax planning and combine a couple of these different strategies together, you can save money in tax and actually create more income." 14:00 – "It's called a donor-advised fund. You can actually set up a fund at a brokerage firm, it's a special account where you control the investments and then you decide which charities get what amounts…here's the key: the key is that the year you set up the account and put the money in the account – that's the year you get the tax deduction." 20:02 – "You can take money out of your IRA and give it directly to charity." 25:42 – "There's no harm in getting a tax benefit. The IRS encourages it; you just have to know what's available and what to do." 29:44 – "Once you get a better picture on how all of this looks, you'll make better decisions." 35:07 – "You have more control over taxes now than any other time in your life."

The landscape of retirement is changing. The cost of living is rising and we are living longer than ever before. In episode 47 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA share financial tips for this new age of retirement and they welcome Medicare expert, Dr. Katy Votava to share her best ways of coping with rising Medicare premiums in 2016. Original publish date July 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Download the Medicare Checkup Guide 00:00 - Intro 01:57 - "When you turn age 62 or 63, the income that you make is going to determine what your Medicare premiums are." 07:58 - "A lot of you are probably overspending or will overspend for your Medicare coverage and healthcare coverage so we want to talk to Dr. Katy to figure out what the solution is there to make sure you keep a little more money in your pocket." 12:11 - "We see five different expenses on the horizon that can threaten your lifestyle in retirement and that could dramatically impact anyone who's thinking about retiring over the next five years." 15:13 - "When you look at spending money in retirement you have to take a look at a lot of different factors and risks, and one of them is healthcare." 16:32 - "Having an income strategy is key and look at all the potential risks in front of you." 18:23 - Start of Interview with Dr. Katy Votava 19:22 - "People don't know when to enroll and when they don't have to. You need to get in at certain times - there are windows to get in and if you don't when you need to, then you'll have lapses and gaps in coverage and penalties down the road…enrollment periods are really key." 21:45 - "I always say it's important not to leave money on Medicare's table because if you don't tell Social Security about your change in circumstance, they won't know. But if you meet the criteria, you can do your own reporting and then most people are granted that lower premium during that current year." 23:32 - "At what age do you think people should start thinking about planning for Medicare?" 23:55- "It's a really good idea to start planning by the time you're 62." 28:10 - End of Interview with Dr. Katy Votava 29:20 - "Medicare premiums are based upon your income level because different people pay different amounts to Medicare." 34:17 - "A lot more people should be converting [to a Roth IRA] than you might think, and the reason for that is when you look at your future tax brackets in retirement, in many cases it's higher than you think because of the income you're going to be receiving."

There are plenty of options when it comes to IRAs, but with plenty of options can come plenty of mistakes. In episode 44 of the YMYW podcast, learn from Joe Anderson, CFP® and Big Al Clopine, CPA how to ensure you don't blow it with your IRA. Find out how to avoid the 10 most common IRA mistakes you don't want to make. Original publish date Junly 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 01:09 - "Now we're in the month of July and the Baby Boomers are turning 70 ½ and having to take the required distributions. There are a lot of mistakes (made) and a lot of penalties." 07:14 - "With regards to the 401(k), if you are still working in the company and you're not more than a 5% owner of that company, you're able to delay that required beginning date to April 1st of the following year that you finally separate from service" 09:22 - "I've been a CPA for over thirty years and it does amaze me how many people fail to get the message about tax planning and the rules until they make mistakes that could cost them thousands." 12:49 - "If you're inheriting retirement accounts, you have to know what is going on. Unfortunately, they're one of the most complex tax rules when it comes to these things because of the benefits you get while you're alive." 17:13 - "If there's more than one beneficiary, let's say three children, then the inherited IRA must be split by the end of the year into separate properties, separately titled inherited IRAs in order for each beneficiary to take advantage of the stretch IRA based upon his or her own life expectancy." 21:17 - "If your spouse is significantly older than you and passes away and you keep it in the decedent spouse's name, then that IRA will have to take a required distribution as if that spouse was still alive." 27:22 - "Seeking professional advice on this stuff is so critical. If it's not with us, find someone who understands taxes in retirement and can put all of this together [for you]." 32:37 "Should I do the Roth provision [in the 401(k)] or should I do the pre-tax? Look at line 43 of your tax return because it will determine what portion of your income is taxable." 37:07 - "If you save money in taxes, your money is going to last you that much longer."

Joe Anderson, CFP® and Big Al Clopine, CPA recap recent Brexit headlines and take a look at how the markets have reacted, in episode 43 of the YMYW podcast. Plus, is the US in a retirement crisis? If so, how can it be solved, and what can you do to achieve your financial independence? Original publish date July 2, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 02:17 - "If you think about the market, in one particular day it might go up, and the next day it could go down. So-called experts quote the same things…" 06:09 - "When markets go down, what you want to do is be more strategic. You want to look at tax-loss harvesting and rebalancing the overall portfolio. [It's a better time to do] Roth IRA conversions or distributions." 08:26 - "Achieving financial independence only comes from having a thoughtful and comprehensive financial plan. The sooner you create that plan, the sooner the independence will come." 19:39 - "When markets go down, people stop investing which is the worst thing you can do." 20:15 - "Invest regularly and periodically, like through your 401(k) for example. It's the 'pay yourself first' concept." 22:50 - "You have to make sure that you take a look at your current portfolio and make sure you understand the risks that you're taking in your overall portfolio." 27:41 - "It's not about saving 'x' amount of money, it's not about the next hot stock or some one-size-fits-all product, it's a comprehensive plan that tackles risk, income, taxes, Social Security, healthcare and so much more." 31:37 - "Many retirees underestimate future living expenses." 35:37 - "When it comes to planning for retirement, what you have now versus what you'll actually need are two totally different things."

The fiduciary rule change will bring some changes to the financial planning industry. In episode 42 of the YMYW podcast, find out what the new rule could mean for your savings, then learn about tax reduction strategies. Original publish date June 25, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 00:46 "If you're not familiar with a 529 plan, it's a college savings plan that you can invest after-tax dollars that will grow 100% tax-free if it's used for qualified education" 01:52 - "Other states actually offer extra benefits if you go to college in their state with their plan; California is not one of them" 07:03 - "Shouldn't all advisors offer advice in your (the client's) best interest?...That's the foundation of Pure Financial Advisors" 07:15 - "We're a Registered Investment Advisor, a fiduciary and fee-only. That means there's never a commission generated" 07:32 - "We're trying to eliminate a lot of the different conflicts in the industry" 12:43 - "Those born between January 1st and June 30th of 1946 will turn 70 ½ this year, which means you'll have to start taking your required minimum distribution" 17:35 - "If you want to do a Roth conversion, you've got to do a required distribution first" 21:34 - "You brought up a strategy that's so good that I want to go over it – it's called the backdoor Roth contribution 23:55 - "A Roth is not an investment; it's a type of retirement account. Anything that you can invest in outside of a retirement account you can also invest in a Roth IRA" 26:37 - "If you could protect your wealth from taxes, you can take on less risk…the markets are volatile, but guess what? Right now is a great time to do Roth conversions if you haven't done it already. There are tax moves you want to make right now" 32:52 - "You've got to take the noise out and understand that the fundamentals of capitalism should prevail"

The markets are panicking over the Brexit vote. Original publish date June 25, 2016 (hour 1). In episode 41 of the YMYW podcast, learn what the news can mean for your investment portfolio. Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 02:08 - "Important British trading partners like India and China indicated that they were worried that the exit would create regulatory and political volatility that could harm the economies of everyone involved" 07:07 - "It's complicated; there are a lot of treaties that have been set up between countries that have to be re-negotiated" 09:37 - "I know volatile times make people a little uneasy, but that's just part of being invested in the overall global economy" 14:00 - "We can't be ultra, ultra conservative with our money because we won't keep up with inflation" 20:46 - "I'm going to talk about the seven biggest financial challenges senior citizens are facing in retirement, according to the Motley Fool" 22:28 - "We're at historically low interest rates" 26:41 - "Low interest rates are a problem, and distrust of the stock market is another one. Capitalism works over the long run" 28:18 - "When it comes to retirement, a lot of us are in a much higher tax bracket than we figured because the money coming out of our 401(k)s and IRAs are fully taxable"

Financial expert Larry Swedroe joins Joe Anderson, CFP® and Big Al Clopine, CPA, on YMYW podcast episode 40 to discuss active versus passive investing, comparing past performance numbers to illustrate which investment strategy has a more reliable outcome. Original publish date June 18, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 07:07 - "The fact of the matter is, the most successful investors understand that markets will go down and they have a strategy of what they're going to do when they go down" 08:16 - Start of Interview with Larry Swedroe 09:13 - "Let's go over real quickly this active versus passive debate" 09:36 - "He [Eugene Fama, Nobel Prize winner] defines 'active' as those who are engaged in individual stock selection and/or market timing" 12:13 - "Any decision to own any asset allocation that's different from the market is an active decision in terms of your strategy" 15:06 - "You have to be prepared to accept long periods and stay the course" 16:36 - "The market is getting smarter and it's getting harder to outperform the market itself" 17:07 - "Because the market and investors are getting more intelligent, do you think these risk premiums would ever go away? 22:34 - "Ignore the ups and downs of the market, and if anything be a rebalancer which means you're going to buy when everyone else is panic selling" 27:11 - "People's focus on dividends is a purely psychological one" 31:16 - End of Interview with Larry Swedroe 33:18 - "Another way to help with the overall volatility of the portfolio is looking at the taxation of the portfolio. You have three different pools…you want money in tax-free accounts, taxable accounts and tax-deferred accounts" 36:51 - "If you can save more money in taxes then you can take less risk in the portfolio"

Learn simple steps for building wealth in retirement with Joe Anderson, CFP® and Big Al Clopine, CPA, in YMYW podcast episode 39. Dive into the optimal retirement withdrawal strategies for keeping your finances steady regardless of market uncertainty. Later in the hour, find out if a reverse mortgage is right for you. Original publish date June 18, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 04:23 - "In 2013 the Reverse Mortgage Stabilization Act was passed and you've probably heard a lot of bad things about reverse mortgages but a lot of those bad things have been eliminated or curtailed substantially" 05:50 - "I think the 4% rule is a very, very good tool when you're trying to understand how much money you need to accumulate to retire" 09:23 - "What we're going to talk about today is really one of the most important pillars of retirement planning; it's withdrawing money from your retirement accounts" 14:2 - "Most people's assets are in retirement accounts" 16:55 - "You need to maximize the amount of money that you are receiving from Social Security because that is going to be a large fixed income source for you that is guaranteed by the Federal government" 22:08 - "A reverse mortgage can never be reduced, frozen or cancelled, and there are no monthly loan repayment requirements" 27:43 - "As you near retirement, tax planning becomes more important than ever, but you must use a forward-thinking tax strategy" 29:59 - "To continue on our discussion about if you retire and you're trying to pull money out of your accounts and the markets goes way down, a reverse mortgage is yet another potential solution to this" 34:44 - "Reverse mortgages are tax-free"

In episode 37 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA answer questions on investing for retirement, and they share strategies for managing your portfolio during an election year. Original publish date June 11, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 06:32 - "When you inherit a retirement account, it blows up on the heirs because it's [taxed at] ordinary income for the heirs" 08:20 - "With this Bipartisan Policy Center, one of the things they want to do is get rid of the stretch IRA because it's really a pretty good deal" 12:20 - "Can an SEC licensed broker-dealer transfer your 401(k) account into an IRA without your permission?" 13:38 - "Your retirement accounts are separate properties…there's no such thing as a joint retirement account" 18:54 - "I am 47 years old. I have around $100K in a Traditional IRA. I haven't contributed anything in that account for a long time now. My current job offers a 457 and 401a plan, which I try to contribute to every paycheck. Should I transfer my Traditional IRA funds to my job's 401a or 457 account? What are the tax consequences of that transfer? Should I just keep my Traditional IRA and use it until I retire? If I transfer that money to the 457 or 401a account, should I do it in a one time transfer or installment transfers (in 5 or so years for less of a tax penalty)? 19:57 - "There's no reason to roll the IRA in the plan. I will give you an advantage.. but let's say you decide to keep it separate – there are advantages to that but probably the main one is you have more investment choices when it's in an IRA" 21:44 - "One benefit of the 457 plan is that you can take that money out at any age" 23:47 - "I have read about the presidential election cycle and am curious as to what actions I should be taking in terms of my asset allocation. When should I take those actions? How conservative would you recommend I become prior to the election? What are the most effective portfolio management strategies you would recommend in order to maintain or at least mitigate risk? I am a small time investor. I work with a small amount in an online brokerage account as well as accounts with companies such as Acorns and Betterment. I do have the ease and benefit of diversifying risk away (referring to the Modern Portfolio Theory)" 25:22 - "Here's my answer: there's no evidence that there's any sort of market swing one way or another with a presidential election. It can happen and it may happen but there's no reason to make any drastic changes in your portfolio just because of that" 29:42 - "My wife and I are 83 years old. We will sell our home for about $400,000. Will we pay capital gains tax when moving to an apartment for $2,500/month?" 31:56 - "It's June and I have not taken my RMD (required minimum distribution). Should I let the funds grow until end of the year or take average withdrawals until end of the year?" 33:34 - "I am 69 years old. My husband is 71 years old. We cannot afford the note on our home with our retirement income. We have two annuities. One for $300,000 and one for $600,000. Both are about 3-6 years old. I want to know if I cash in the $300,000 annuity, what kind of penalties and taxes will I have to pay?" 34:00 - "The first question you should ask yourself is: is the annuity in a retirement account or not? If not, every dollar you pull out is fully taxable"

A 146-page report from the Bipartisan Policy Center was released last week and a lot of high earners aren't going to like it. One of the proposals is to shore up Social Security by raising the tax base. In YMYW podcast episode 37, Joe Anderson, CFP® and Big Al Clopine, CPA discuss what this report puts on the line for retirement. Original publish date June 11, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 02:39 - "This is not the first time we've seen some of these proposals; I've got to believe that some of these are going to come true at some point" 05:25 - "Probably not a lot of people realize it but at certain income limits they stop withholding Social Security" 09:13 - "If you don't have a retirement plan today, here are three reasons why you should…" 14:07 - "More and more employees are suing their employer because they don't have good choices in the 401(k) plans" 18:40 - "You have more control over paying taxes than you think, actually more so than any other time in your life" 22:37 - "As long as a marriage has lasted at least ten years, a married or divorced person can draw on his or her own benefits or the spousal benefits, whichever is higher. The recommendation is to cap the spousal benefit at a level equal to the spousal benefit received by someone married to a worker in the 75th percentile of the earning distribution" 30:37 - "The report's authors are concerned about Americans' debt, including the increasing level of mortgage debt among older people" 32:32 - "[According to the report], they're going to raise Social Security tax, they're going to raise the amount of money they're paying on Social Security…they're going to limit the deductions on mortgage" 35:00 - "If you do a little bit of tax planning, there are significant things that you can do with your money from a tax perspective to save more money for you and less for Uncle Sam"

The inventor of the 401(k) says he created a 'monster.' Could we see the end of the 401(k) as we know it? What about pensions? More and more employers have been quietly replacing pensions with other alternatives. In YMYW podcast episode 36, Joe Anderson, CFP® and Big Al Clopine, CPA discuss the future of retirement planning while sharing insight on what you should be doing now for your retirement. Original publish date June 4, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 3:53 - "You can put $18,000 into a 401(k) [each year] and once you hit 50 you can put $24,000 [each year] and then the employer's usually have some sort of match" 7:18 - "The good news is that 401(k) plans, especially the larger ones have significantly lowered their fees" 9:38 - "I would much rather pay a bunch of fees and costs to have the 401(k) to get the deduction or potentially the Roth 401(k) to have my money grow tax-free…versus not having the plan at all" 12:53 - "There's a lot more convoluted legalities to this (self-directed IRA); we'll just talk high-level pros and cons" 17:40 - "As a CPA for over 40 years, it does amaze me how many people fail to get the message about tax planning until they make a mistake" 22:38 - "If you are divorced, can you collect a benefit based upon your ex-spouse's earning history?" 33:17 - "We're giving you a workaround (for making a budget), which is pay yourself first and spend the difference. If you don't pay yourself first…you'll find a way to spend it" 33:56 - "You do need to do a little bit of planning to figure out how much you can spend each month, and then have that come out as an automatic withdrawal from your spending account so you don't spend any more than that" 35:27 - "Taxes don't stop when your paycheck does"

Nicole Newman, Attorney at Law joins Joe Anderson, CFP® and Big Al Clopine, CPA on YMYW podcast episode 35 to discuss the most important estate planning mistakes people need to avoid. Later in the hour, they dive into Social Security, investments and taxes. Does your Social Security strategy line up with your retirement plan? Original publish date June 4, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Download the Estate Plan Organizer Learn more from Nicole Newman: 10 Gruesome Estate Planning Mistakes to Avoid 00:00 - Intro 02:47 - "We have seen Social Security benefits reach a million dollars [before]" 06:35 - "When you get really good rates of return, there are risks involved no matter what the investment vehicle is" 08:40 - "Cash flow is king when it comes to retirement. Do you have a strategy and plan in place to make sure that you can provide the income that you need?" 10:00 - Start of interview with Nicole Newman 11:52 - "What happens if you fail to plan for your death is that each state has their own back-up plan for you.." 12:59 - "They tend to interchange the terms will and trust all the time…actually that's mistake number two in my seminar" 13:39 - "A will does NOT avoid probate…that's a very common misconception" 14:18 - "Here in California probate is very lengthy, so it usually takes about 12 to 18 months as long as there are no problems…if there are problems then it can turn into years very quickly; whereas other states' probate can be very simple and very quick" 17:47 - "We see this quite often, where we'll see children from a prior marriage cut out simply because of the lack of planning…when you have a blended family you definitely want to have a living trust" 19:22 - End of interview with Nicole Newman 24:41 - "Each year that you wait after your full retirement age, Social Security will guarantee an 8% delayed credit to the benefit, plus you also get the cost of living benefit" 28:48 - "In retirement you have more control [over your taxes] than any other time in your life" 36:29 - "There are a lot of other things that you can do; you could push out your retirement a couple years or you could look at some tax planning strategies that will carry out your dollar a little longer…making sure you have the right portfolio set up to give you the income that you need"

Is the well-known trading adage, "sell in May and go away" actually good advice? Joe Anderson, CFP® and Big Al Clopine, CPA discuss this in YMYW podcast episode 34 before diving into retirement planning, sharing common IRA and Roth misconceptions and beneficiary blunders that could cost your family thousands. Original publish date May 28, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 02:26 - "You can contribute up to $5,500 (to an IRA); if you're over 50 you get a $1,000 catch-up so $6,500" 04:01 - "If you're in a low tax bracket you might not get that much benefit. You might as well do a Roth contribution so you forgo the tax benefit today but all future income, growth and principal are tax-free later. Here's the caveat – you need earned income" 04:29 - "Earned income has to be salary or positive profits from your self-employment business" 09:01 - "If you don't have an IRA already established and you try to do a direct rollover, you're going to find yourself with some problems" 14:59 - "Did you know that you can use your spouse's earned income if you're not working to do a Roth or IRA contribution?" 16:03 - "A couple of other basics when it comes to the Roth: there is no required minimum distribution (RMD)" 23:08 - "These are retirement accounts. They're for retirement; they shouldn't really be used for other things" 28:52 - "We're talking about IRAs, some mistakes you might be making with the overall retirement accounts; we talked about the basics – how much you can contribute, AGI limitations, penalties, RMDS. But one that people forget about is the beneficiary designation" 33:10 - "We encourage our clients and I'll encourage you guys as well to be looking at your beneficiary statements on all IRAs, 401(k)s, 403(b)s every few years; make sure they're up to date" 36:16 - "There is such thing as an IRA trust"

The 2016 election race has already offered plenty of surprises, but what could it mean for the economy? Joe Anderson, CFP® and Big Al Clopine, CPA share what they think, then move on to discuss Americans' top regrets in retirement. Are you saving enough money for emergencies? Is your credit card debt hindering your finances? Are you taking enough risk in your financial portfolio? Find out what you can do to improve your finances. Original publish date May 28, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 05:15 - "We tend to sell our positions when they go down because we are fearful…and then we buy back in when the market does well" 10:40 - "Here's an interesting statistic I got from Market Watch: since 1950, a 60/40 bond portfolio…hasn't had a loss in a five-year period…any five-year period" 17:54 - "Presidential election year or not, it doesn't really matter. You need to get the right investments for you and stay invested. Rebalance when you need to" 22:53 - "According to this article on U.S. News, they're saying that people over age 50 spend an average of 40-45% of their household budget on housing and housing items" 27:25 - "We talk about being diversified with investments but you also have to be diversified with your taxes"

Joe Anderson CFP® and Big Al Clopine, CPA answer real life investment questions for retirees and pre-retirees. Plus, 10 retirement statistics that might scare you. Joe and Al close the hour with a quiz on taxes - how will you fare? Original publish date May 21, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 01:56 - "GoBankingRates.com finds that more than half of Americans have less than $10,000 saved for retirement" 04:55 - "Can I roll over an old 401(k) to fund my child's 529 plan?" 09:05 - "Can I use tax money owed from my IRA to pay credit card debt?" 12:47 - "We want to sell my parents' house and my sister just wants to take over my payments. Do we get any of the money we've already put into the house back?" 18:17 - "If you know a few simple [tax] strategies you can save a lot of taxes in retirement" 19:39 - "Could I convert my IRA to a Roth and use the interest tax credit to reduce my tax liability on a transfer?" 25:28 - "What can we do if my ex-husband is trying to get his 401(k) to cash out from his previous employer but they are refusing to give it to him?" 30:57 - "If you ever get a call from the IRS, hang up and if you think it's valid, then call them yourself to make sure you're actually talking to the IRS" 36:14 - "I hear this all the time – the rich don't pay any taxes – I can tell you, I've been preparing returns for 30 years, that is not true. The rich pay a lot of taxes"

Joe and Big Al cover 15 mistakes even the smartest people make in retirement, courtesy of Go Banking Rates, in YMYW podcast episode 31. These mistakes include: claiming Social Security too early, being too conservative or aggressive with investments and failing to take your required minimum distributions (RMDs). Find out how to make your golden years the most successful they can be. Original publish date May 21, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 05:17 - "When you look at the taxation of your retirement income… there are some significant things you can do" 09:40 - "We're talking about mistakes people are making and one of them is not necessarily taking a look at their home when they sell it and understanding the tax law" 11:34 - "If all of your money is in a retirement account, IRA, 401(k), 403(b)s and the like, all of that is going to be taxed at ordinary income rates – the highest of rates. You want to prioritize where you're going to be pulling your money from in retirement" 13:57 - "Another big mistake that people make is that a lot of you are taking Social Security maybe a little too early" 21:14 - "Unfortunately we don't take enough time to do upfront planning" 25:49 - "The truth is, taxes don't stop when your paycheck does; when you start tapping your retirement nest egg it comes with all sorts of new rules and opportunities"

Retirement isn't what it was when your parents left the workforce. In fact, it may not be what it was even a decade ago. In YMYW podcast episode 30, Joe Anderson & Al Clopine, dive into the realities of retirement as they shed light on 10 mistakes to avoid when achieving your retirement goals. They close the hour providing 11 fast facts about Roth IRAs. Original publish date May 14, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 05:59 - "You want to have an advisor that can really understand cash flow needs throughout retirement, taxes and how the investments all fit together" 10:14 - "We are living longer, and here are the stats – they're changing rapidly" 17:58 - "Don't fall for these three retirement myths" 19:44 - "Here's probably the biggest myth: you won't have to pay taxes [in retirement]" 21:25 - "Social Security income is tax-free in the state of California" 25:58 - "There are lots of ways to create tax-free income to keep less of your Social Security taxable, but you have to understand what those strategies are" 30:21 - "A spousal IRA works like this: let's say your spouse is working and you're not working or vice versa; as long as there's earned income, the non-working spouse can still contribute to a retirement account"

If you're in your 50's, retirement is probably right around the corner. During this time it's critical to make the right financial decisions to achieve your retirement goals. In episode 29 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA break down 9 financial tips to help you enjoy a rich retirement, whether you're a late bloomer or you've been saving up money for years. Find out how to build wealth now and for the future. Original publish date May 14, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 05:27 - "When you turn 70 ½ and you have retirement accounts, there's a mandate that you have to take a certain percentage out of the account per year, and each year as you age that percent increases…when you have multiple accounts you have to be careful" 08:55 - "A Roth IRA does not have a required distribution; but if you have a Roth 401(k), the Roth 401(k) does have a required distribution" 11:28 - "There is no age limit for a Roth IRA contribution" 13:30 - "Income limits could prevent you from contributing so here are the new rules for 2016" 20:01 "What's happening now, especially with a lot of Baby Boomers is a lot of them are working longer than they want to work…in other cases people are having to reduce their lifestyle" 22:19 - "Here are some quick steps to build wealth in your 50's" 28:38 - "22 percent are very confident they will have enough money in retirement according to the Employee Benefit Research Institute's annual retirement confidence survey"

Learm how you can protect yourself from one of America's fastest growing crimes – identity theft. Plus, what's it going to cost you to retire? In episode 28 of the YMYW podcast, Joe and Al share three retirement errors that will crush your investment gains. Original publish date May 7, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 1:17 - "Identity theft is a real issue; we talk about it a lot on this show, especially when it comes to taxes and people filing fraudulent tax returns" 2:17 - "We focus on consumer education…educating the public on various issues related to identity crime and how to protect themselves" 4:50 - "Limit the amount of personal identifying documents that you carry with you every day" 5:30 - "Regularly monitor your bank statements and you should be checking your credit report several times a year…also shred your mail" 6:32 - "Get yourself off the list for pre-approved offers" 7:18 - "Secure your phone, tablet, your computer and understand all those pieces of hardware have lots of sensitive information about you" 11:28 - Identity Theft Resource Center contact info 21:42 - "If you're married, there are certain marital benefits – first of all, if you file a joint tax return and be in a lower tax bracket. For Social Security, if one spouse passes then you get to keep the higher of the benefits" 32:07 - "There are many mistakes you can make as a retirement investor. I want to focus on three retirement errors investors make all the time" 34:27 - "It's crucial to save for retirement but equally important to enter retirement debt-free"

Social Security changes are now in effect. In episode 27 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA explain the best ways to maximize your benefit despite two major claiming strategies now eliminated. Listeners are also faced with the realities of retirement, as Joe and Al debunk common retirement and Social Security myths. Original publish date May 7, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Download the Social Security Handbook 00:00 - Intro 06:07 - "The (2016) retirement confidence survey (by Employee Benefits Research Institute) reports that almost half- 47% of workers surveyed – think they'll need to save at least $500,000 for a comfortable retirement" 11:24 - "At certain income levels, your Social Security income is tax-free" 15:44 - "Even if you're currently retired, you have to look at what tax consequences are on the income you are producing" 16:55 - "That's what Social Security is giving you, it's a delayed retirement credit of 8% per year, each year that you delay" 22:48 - "We're living longer so it makes sense to push the retirement age out; that's just pure logic" 27:34 - "We're going to talk about dealing with fear and uncertainty in retirement and here are six ways to deal with it"

Big Al Clopine, CPA and Joe Anderson, CFP® share more ways to create tax-free income and savings in retirement in episode 22 of the YMYW podcast. Find out how the recent Social Security changes in 2016 affect your taxes and what other taxes in retirement you might encounter. Original publish date April 16, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 01:14 "Now that you have your claiming strategy dialed in, have you thought about what the taxation will be on your Social Security? It will depend on a few things" 05:03 "You want to be looking at Roth conversions because if you can prepay some taxes while you're in lower or even similar tax brackets, you can stay out of higher taxation later" 09:02 "It's all about putting yourself in the driver's seat when it comes to taxes. I would say the majority of folks don't give it much thought; at this time of the year they just pay their taxes and think that's the best they can do" 14:40 "Did you know that if you go on vacation and do Airbnb, as long as the visitors stays [at your house] less than 14 days, it's tax-free income" 15:01 "Here are your choices [for tax-free states to live in]: Nevada, Washington, Texas, Wyoming, South Dakota, Tennessee, New Hampshire and Alaska" 20:03 "Here's a survey done by the American Institute of Certified Public Accountants…they asked folks about the next president and asked what the priority should be from an economic standpoint" 24:20 "The more income you make the higher your [Medicare] premiums are…so could they do something with that for Social Security?" 33:06 "Roth conversions offer a possible solution to help clients manage taxes in retirement"

The best time to start planning for next year's tax season is at the end of this year's tax season. In episode 21 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA tell you how to avoid tax surprises and reduce your taxes in retirement. Original publish date April 16, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 03:22 "The reason we talk taxes right at the end of tax season is because this is when you're thinking about it and the best time to make a change is right now for 2016 because most strategies that are available to you take time to implement" 05:33 "The truth is, you have more control over how much you pay in taxes in retirement than any other time in your life" 07:29 "You could be generating hundreds of thousands of dollars of income and pay very little tax on your Social Security depending on how that income is classified" 12:19 "We've seen people who have money outside of retirement accounts that pay very little tax, sometimes none because of tax loss harvesting and municipal bond income" 19:02 "Our firm has always been a fiduciary, we are a fee-only Registered Investment Advisor (RIA) and never accept commissions of any kind" 26:37 "When you take money out of a 401(k) or IRA, you have to pay taxes on it, and a lot of people don't realize that" 35:49 "You can actually do the Section 121 Exclusion and the 1031 Exchange on the same property"

Original publish date April 9, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 20 of the YMYW podcast, Big Al and Joe share four retirement account loopholes that could close soon. Plus, what you need to know about the recent changes to Social Security and how that could have a huge impact on your retirement. 00:00 - Intro 01:54 - "You don't have to sell your stocks when you do a required distribution" 03:53 - "If you have saved a lot of money in your retirement accounts, you have to start pulling it out starting at age 70 ½" 06:44 - "We think Roth IRA planning is significant, because if you can control the amount of money that is tax-deferred that will come out as ordinary income versus tax-deferred that will come out tax-free, those are two different animals" 11:14 - "The government is changing the rules on how you can claim your [Social Security] benefits, and the deadline is just around the corner" 14:10 - "If you turned 62 years old by 12/31/16, you still qualify to take a restricted application" 21:24 - "The longer you wait [to retire], the better off you'll be from an income standpoint" 26:19 - "You have more control over how much you pay in taxes in retirement than any other time in your life" 34:53 - "Taxes don't stop when your paycheck does, and a lot of people don't realize that"

Original publish date April 9, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 19 of the YMYW podcast, Joe and Big Al tackle some of the biggest questions about investing, including "Should I wait to buy a home until after the election?" and "If I'm a first time investor, should I invest with cash or margin?" Plus, Joe and Al look at the seven successful habits to help you reach financial independence, according to U.S. News & World Report. 02:46 - "With our firm, we act as a fiduciary 100% of the time" 07:08 - "April 18th is tax day this year" 13:01 - "California real estate is appreciated quite a bit more than the United States given the last 30, 40, 50 years" 19:51 - "Can I deduct my IRA contribution if I don't have an employer plan?" 27:49 - "The truth is you can save more in taxes than you think, but you must use a forward-looking tax-efficient strategy" 34:57 - "Paying yourself first means paying yourself before paying your bills…as our paycheck grows we tend to spend more"

Original publish date April 2, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 17 of the YMYW podcast, Big Al and Joe answer the most commonly asked questions about taxes, IRAs, 401ks and Roth IRAs. Plus, their favorite tax strategies. 00:00 - Intro 04:02 - "If you're married and one spouse is still working, you can still contribute to a Roth or IRA because of the non-working spouse election" 07:45 - "If I'm full retirement age and I'm still working, I think it makes more sense to delay to get the 8% delayed retirement credit" 10:28 - "What is the optimal long-term investment vehicle when someone has maxed out all tax-advantaged accounts?" 18:16 - "Let's say you have an IRA and you have stocks inside this IRA, and some of these stocks have gone down in value. Should you take your RMD from these stocks?" 21:29 - "An RMD is a required minimum distribution that you have to pull out of a retirement account if it's an IRA if you're over 70 ½" 25:38 - "When markets are down, Roth IRA conversions are a phenomenal strategy" 29:59 - "Your upfront contributions to a Roth IRA are tax deductible – true or false? False. They are not tax-deductible, they grow 100% tax-free though" 33:45 - "There is no age limit for contributing to a Roth as long as you or spouse have earned income to contribute" 37:25 - "The bottom line is if you're not contributing money to a Roth IRA or converting money to a Roth IRA, you've got to be looking at this because tax rates may be going up in the future"

Original publish date April 2, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 15 of the YMYW podcast. Joe and Big Al share the top five most costly retirement mistakes you could be making. Plus, don't miss these top tax tips the wealthy use to stay rich. 00:00 - Intro 06:18 - "If you make a big financial mistake at this stage in your life, you may never recover and we've seen huge mistakes. You'll be paying for it the rest of your life" 11:06 - "Here are some costly investment mistakes" 15:05 - "The reason I think they're so emotional [with their investments] is because they don't have that well thought-out financial plan or financial strategy" 19:52 - "[Have] the right asset allocations; some of you might have a portfolio that is suited for a 40-year old when you are in your 60's, and some of you might not be taking on enough risk" 24:10 - "If you think about where your retirement assets are located, probably most of them are located in IRAs, 401(k)s and 403(b)s. Guess what? When you take the money out of those plans, you have to pay income taxes on it." 31:25 - "If you think about taxes and tax planning during the year, you could actually make a pretty big difference in your tax liability" 34:27 - "We're a financial planning firm that focuses on all areas of financial planning, but taxes are a big deal because we manage a lot of money... and we want to make sure we give them the highest after-tax return possible"

Original publish date March 26, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. Episode 14 of the YMYW podcast is about money and our behavior: the biggest mistakes you could be making and how to fix them. Big Al also covers some tax strategies to consider as you approach retirement. 00:00 - Intro 01:08 - "One mistake is this: when you are investing your money, you might be confusing results with activity" 04:47 - "You have to look at conventional wisdom and throw it out the window when it comes to your overall investment strategy" 09:20 - "These are seven ways my expenses will change in retirement" 12:19 - "The cost of healthcare tends to increase significantly in retirement; average annual expenditures for healthcare jump from $3900 among workers age 50-64 to $5000 for retirees age 65-79" (Source: U.S. News) 21:18 - "The idea is to get away from commission-only [advice] which is what most of the industry still is" 36:49 - "I've been a CPA for over 30 years, and it amazes me how many people don't realize what strategies are out there, and they end up making poor decisions, big mistakes and they don't realize how important tax planning is until they do make the mistake that can cost them hundreds of thousands of dollars in taxes"

Original publish date: March 26, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Episode 13 of the YMYW podcast is about retirement myths that can ruin retirees' plans. Find out why Baby Boomers won't be able to have a retirement like their parents. 00:00 - Intro 02:07 "40% of unmarried women have saved less than $1,000 [for retirement], according to a 2016 Retirement Confidence survey by Employee Benefits Research Institute" 05:55 "The opportunity is that we are living a lot longer and we get to enjoy our golden years longer which is great, but we also have to have a plan to cover it because it's not just Social Security anymore" 12:58 "Al and I have seen people who have millions of dollars and they blow through their money very, very quickly. Then we see people who have less than $100,000 and live a very comfortable retirement. It's about figuring out what retirement looks like to you" 18:09 "The Bureau of Labor Statistics predicts that more than a fifth of boomers 65 and older will be holding on to a job in 2024. When their parents were the same age in 1994, only a tenth were still employed" 27:12 "A lot of people are shocked when they find out how different types of retirement income are taxed, and I want to go through the six most common types of retirement income and how they're taxed" 32:12 "For those who have been listening to our show and have been doing Roth IRA contributions and Roth conversions, you'll be very happy to know that as you take money out of those accounts, it's all tax-free—100% tax-free"

Original publish date March 19, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 12 of the YMYW podcast, Joe and Al talk retirement risk. While risk can come in all shapes and forms, it's important to avoid making these risks when planning to maintain your lifestyle in retirement. Al closes off the discussion by discussing a fun personality quiz by Mashable you can take to figure out what your retirement passion project will consist of. 00:00 - Intro 01:01 "When you're in your 20's and 30's, you've got a long run in front of you and can afford to take on risk, but if you're retired or close to retiring, risk is enemy number one. Taking on too much risk at that stage of the game can be devastating because you may not be able to recover" 06:56 "You better make sure that you have a plan to make your money last into your 90's" 13:21 "If you're saving 4% this year, save 5% next year, 6% the year after and get yourself to the point where you're saving between 10% and 15%, and if you're older and getting closer to retirement and you're behind, there's no time to waste—you have to save as much as possible right now" 13:42 "Forbes had thirteen financial risks you can avoid; here are some examples" 18:04 "Unfortunately, taxes are likely going up in the future" 22:36 "One of the biggest misconceptions in retirement planning today is that you will be in a lower tax bracket in retirement" 29:10 "One in three Americans have zero dollars saved for retirement" (Source: Bankrate.com)

Original publish date March 19, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 11 of the YMYW podcast, Joe and Al discuss how retirement planning can help you avoid risks and keep you out of a retirement savings crisis. Find out if you should take advantage of these soon-to-disappear Social Security claiming strategies. 03:56 "Waiting for triggers in the overall market for you to make decisions financially is not the right move; you have to get your strategy in place now" 08:37 "Things have got to change and you really need to put things in perspective and start planning as soon as you possibly can" 10:32 "When it comes to these new [Social Security] rules, you have to act now. Let me explain what they are—there are two benefits that are going away" 13:14 "If you turned 62 years of age by 12/31/15, you still qualify to take that restricted application. You can take it on an ex-spouse as long as you were married to that ex-spouse for ten years, or if you are currently married" 18:06 "File and suspend is going away and you've got until April 28 to do this" 22:41 ""If you're married, it's a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you're both living, you'll enjoy that higher benefit, and when one of you passes (let's say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away" 34:18 "Tapping your retirement nest egg comes with all sorts of new rules and opportunities. Instead of contributing to tax-deferred accounts that reduce your taxes, you'll start tapping those savings for income and paying taxes at your regular rate—unless you're tapping into a Roth IRA, which we want you to be thinking about right now"

In episode 10 of the YMYW podcast, Big Al tests your retirement planning smarts by asking Joe and the listeners important retirement questions. How do you stack up? Original publish date March 12, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. 2:08 "The government must systematically devalue our currency so they can pay it back on cheaper dollars" 8:14 "Index funds tend to have very low expense ratios" 11:51 "Which of these pose a big threat to your retirement security? Inflation, investment ups and downs, outliving your financial resources or all of the above?" 16:02 "You want to stay liquid in your strategy because things will change in your life, in the stock market and in the tax code" 20:30 "You don't have to pay taxes on money you take out of a Roth IRA if you qualify" 25:18 "You have more control over how much you pay in taxes in retirement than any other time in your life if you just understand the strategies"

Original publish date March 12, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 9 of YMYW podcast, Joe and Big Al talk Social Security! Big changes are coming up fast, listen to find out what you need to do right now to take advantage before it's too late. 02:03 "Sanders would take tax capital gains rates at ordinary income and eliminate opportunities under current law for avoiding the tax through gifts and requests for appreciated property" 08:01 "We did a Social Security Webinar; if you want to check that out, go to our website" 11:44 "In just a matter of weeks, those little known [Social Security] claiming strategies are coming to a screeching halt. The government is changing the rules on how you can claim your benefits, and the deadline is just around the corner. For those who are eligible, you have a very short window to take action" 17:09 "April 28th [2016] is the deadline for you to file for your benefit and suspend them" 24:16 "If you're married, it's a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you're both living, you'll enjoy that higher benefit, and when one of you passes (let's say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away" 27:52 "If you do the appropriate planning, if you understand how this works, you could save significant dollars on your taxes" 34:03 "What is not included in provisional income is your Roth IRA distributions" 35:49 "Taxes don't stop when your paycheck does…as you near retirement, tax planning becomes more important than ever"

Original publish date March 5, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 8 of YMYW podcast, the retirement account show continues with strategies for self-employed individuals, horror stories of working with non-fiduciary advisors, and the top IRS scams you absolutely must know about.

Original publish date March 5, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. Episode 7 of YMYW is dedicated to retirement accounts and everyone who has one! Joe and Big Al share the biggest myths, misconceptions, and mistakes people make. Plus, new laws and proposals that could have a big impact on your retirement.

Original publish date February 27, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 6 of YMYW, Larry Swedroe joins the show to discuss what recency bias is and why you should avoid it. Joe and Al ask Larry what the key to successful investing is, and Larry talks about his books The Incredible Shrinking Alpha and Think, Act and Invest like Warren Buffett. 2:12 "The conventional wisdom goes like this: take distributions first from taxable accounts such as your brokerage accounts, then from tax-deferred accounts like your IRAs and 401(k)s…that is the rule of thumb for most advisory firms" 8:05 Interview with Larry Swedroe 9:14 "What investors tend to do, as we know, is they tend to buy after periods of strong performance which means they're buying when prices are high and then they tend to sell after periods of poor performance, which means valuations are relatively low and expected returns are not high" 10:01 "Research shows, shockingly, that individual investors on average are such poor investors that they actually underperform the very mutual funds they actually invest" 13:21 "The key to successful investing is to understand what Napoleon advised about military strategies: He said battles are never won on the field, they're won in the preparation stage" 15:26 "You have to just accept that markets are unpredictable and you must have discipline, you want to be a buyer when everyone is panic selling and you want to be a seller when everyone else is getting greedy. There is a simple although not easy way of doing that and it's called rebalancing your portfolio" 16:14 "What people don't understand is really how stocks are priced" 20:01 "People have this notion that if they can get in and out of certain asset classes or get in and out of certain markets, that's going to enhance their overall investment experience, but actually the opposite is true" 21:04 "The key is to understand how markets have changed over the last 70 years" 23:59 "It's not necessarily the mutual fund, it's the allocation and how you're actually positioning the overall accounts towards different areas of the markets" 24:55 "Here's the key: what investors need to focus on is not trying to choose a money manager or stock that they think will outperform…what you do want to focus on is putting your money in the asset classes that you believe are appropriate for you to hold" 28:43 "Investing is really simple; you need to have a well-thought-out plan to make sure you don't take more risk than you have the ability, willingness and need to take" 35:25 "When you have a fund that's outside of a retirement account and the manager is buying and selling, that's causing short-term gains which are the most expensive of gains. Now all of sudden you're paying more in taxes"

Original publish date February 27, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 5 of YMYW, Joe and Big Al discuss the financial planning landscape and why they chose to start Pure Financial. Big Al breaks down a few of the presidential candidates' tax plans. Plus, why women are better savers and investors than men. 00:00 - Intro 02:23 "Everyone needs a financial plan. Everyone absolutely needs a financial strategy to make sure they know what they need to be doing" 04:33 "We don't sell any products, there are no commissions generated to our firm" 08:17 "Our firm thinks it [the fiduciary rule] is a phenomenal thing, because we act as a fiduciary 100% of the time" 12:22 "We want to protect you against unscrupulous sales practices and things like that because we know the industry; we're in the business and we see the good, bad, ugly all day every day" 13:50 "In the tax realm, there are a lot of strategies he [Obama] wants to get rid of…right now I think it's important to realize what some of those strategies are so if they do apply to you, that you make sure you take advantage of them while they're still here" 14:28 "You can still do Roth IRA contributions for 2015 all the way up until April 15th of this year (2016)" 22:03 "Ted Cruz wants to do a flat tax; he wants to do a 10% flat tax across the board…who is that going to impact? It's going to impact the lower and middle class, while the wealthy will end up with a lot more money in their pockets" 27:10 "When you are married to a spouse who is making a lot of income, your self-employment income is pretty highly taxed, because you're already in the highest bracket and you've got self-employment tax to boot" 31:24 "Vanguard shows that women are the ones signing up for 401(k) plans and saving a larger piece of their salaries compared with their male counterparts"

Original publish date February 20, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 4 of YMYW: are you doing your retirement all wrong? Joe and Al discuss recent Social Security changes and which claiming strategies you shouldn't miss out on if you qualify (restricted application and file & suspend). Find out how you can make more informed decisions when incorporating Social Security into your overall financial strategies. The two finish off the hour explaining why working even one extra year can have a huge impact on your retirement. 1:59 "Money will have to last retirees a lot longer, so that's longevity risk" 7:29 "More older adults are retiring with outstanding debt" 11:32 "If you're 62 and older before the end of last year, you could still file a restricted application... Also, you have another deadline: April 30th: file for your benefits and then suspend them; these are the two things that are changing" 12:49 "The spousal benefit is half of the spouse's benefit" 16:43 "No Social Security benefits are taxable in California—zero" 17:34 "Congress just got rid of a few Social Security claiming strategies this year, so the new rules make it more important than ever to make informed decisions when incorporating Social Security into your overall financial strategies" 18:44"Those final few years that you actually work make a big, big difference in the success or failure of retirement." 23:40 "A lot of you, when you really sit down and look at your situation, it's a little bit tighter than you might want it to be" 34:55 "There's a lot of new things with the new tax bill that can benefit you from a permanent basis"

Original publish date February 20, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 3 of YMYW, Joe tells us about the most significant financial strategies to start implementing now; Surprising things the government wants to tax you on; and the return of "Tax Chat" as Big Al shares a couple of tax tips. 02:40 "You can't control the stock markets, you can't control interest rates, you can't control the price of oil..." 06:00 "You want to make sure you have enough capital in your overall portfolio to maintain that [retirement] lifestyle" 10:25 "We've been doing this radio show for over 10 years, we teach a lot of retirement courses at local universities and community colleges. If you go to our website we have a learning center with over 200 videos. What we try to do is make sure we empower people" 15:39 "Educate yourself to understand how much risk you're taking in the portfolio" 17:10 "Taxes are something that you actually do have some control over, as long as you know how to manipulate and utilize the tax code to your advantage" 31:29 "A lot of you are in the sandwich generation, and what the sandwich generation means is that you have elderly parents that you are caring for and then you still might have kids on the payroll, so money is going every which way except your retirement" 31:50 "One of the biggest financial risks to retirement is your own grown children"

Original publish date February 14, 2016 (hour 2). Joe and Big Al discuss negative interest rates and how they could affect you. Plus, the President released this year's budget proposal! Big Al and Joe break it down and explain what the changes could mean for you and your beneficiaries. 4:24 "If you work an extra two years, it means that's two years less that you're taking from your portfolio and that's two years more that you're deferring your overall Social Security benefits" 10:22 "There are significant changes going on with Social Security; we are doing a webinar [on February 23rd, 2016] if you'd like to sit in the comfort of your own home and listen for an hour" 11:43 "For a long time economists believed that nominal interest rates or the amount of money received for depositing money was theoretically bound to zero" 12:05 "Lately, however, central banks from Europe to Japan have implemented a negative interest rate policy in order to stimulate economic growth" 19:18 "Here's what they're trying to eliminate: the backdoor Roth IRA, the stretch IRA, and step-up in cost basis at death" 19:55 "Here's how it [step-up in cost basis] works: when you pass away, your assets get stepped up to whatever they're worth at the date of death. Let's just say you bought a home for $100,000 and now it's worth $1 million and you pass away--you didn't sell it. When your kids get it and if they sell it for $1 million, do they have to pay gains on the $900,000 gain? The answer is no - it's a step-up in basis so it's as if your children bought that asset for $1 million. It works with stocks, real estate and anything outside of your retirement account, it gets that step-up in basis" 22:02 "Here's another change: adding RMDs at age 70 1/2 for Roth accounts" 24:08 "If it's a large account, your non-spouse beneficiaries are going to pay a ton of tax in those accounts if you have a large balance in those accounts" 26:47 "You want to convert while assets are down because if you convert now, the recovery with the future growth in the IRA is all tax-free" 28:22 "What you need to do right now is have a forward-looking tax strategy created so you can figure out what steps you need to do this year, next year and the future so you can stay out of higher tax brackets coming" 30:02 "If you have more than $3.4 million in a retirement account, you will no longer be able to contribute to retirement accounts. You can still save money but it won't be sheltered from tax" 31:25 "Capital gains is a lot lower rate than ordinary income rate, in fact capital gains for most people is 15%, but ordinary income tax rates go as high as 39.6% so it can be a huge tax savings"

Original publish date February 14, 2016 (hour 1). Welcome to the Your Money, Your Wealth® podcast: retirement planning, investing, and tax reduction made fun. Hosts Joe Anderson, CFP®, and Alan "Big Al" Clopine, CPA of Pure Financial Advisors have been providing financial education on the Your Money, Your Wealth® radio show in Southern California since 2008, and on the Your Money, Your Wealth® television show in San Diego since 2014! In this, the first episode of the YMYW podcast, Big Al tries to stump Joe with the financial literacy test that Forbes says 80% of participants failed. 3:08 "Just because the balance of your overall portfolio goes down, that doesn't necessarily mean you lost money – that's volatility; that is normal in any type of market cycle" 7:03 "Another thing you should be doing is tax loss harvesting, so you want to harvest some of the losses if you have down positions. Sell those and buy something similar to take those losses on your tax return" 8:05 "An article out of Forbes Magazine reveals that 81% of Americans failed a basic financial literacy test" 8:44 "Planning for your retirement can be scary, but when you think you know what you're doing and you really don't, the final outcome could be really scary" 12:22 "What's interesting about this is a lot of folks who took the test were very confident in their abilities to retire successfully (yet 80% failed the test)" 20:59 "Which of the following types of long-term bonds typically have the highest yield? Triple A-rate corporate bonds, B-rated corporate bonds or treasury bonds?" 24:56 "Anything that comes out of a retirement account that you took a deduction for is going to be paid full ordinary income tax and the state of California tax" 26:11 "As a CPA I would honestly say, it's been 30 years+ in the business and it does amaze me how many people fail to get the message about tax planning until they make a mistake that costs them thousands of dollars" 32:10 "There is an age limitation on IRAs, so after 70 ½ you can no longer contribute to an IRA, however if you're over 70 ½ you can still contribute to your employer-sponsored plan" 34:06 "When do you want to do your Roth conversions? When the market is down!"